This statistic is only meaningful if compared to how many banks fail in a “normal” year. What is that number? Your implication is that its zero.
From the FDIC: Failed Bank List. 2000: 2 2001: 3 2002: 11 2003: 3 2004: 4 2005: 0 2006: 0 2007: 3 2008: 25 So far 2009: 13
The New York Times has an article on the FDIC and the 36 failed banks of the past nine months. “[N]o one doubts that more are on the way.”
*and who should buy it directly from the government but the Herbst family, at a discount of more than 50 percent.* Interesting that loan renegotiation wasn’t an option. But damn, can I default on my mortgage and then buy it back?
This statistic is only meaningful if compared to how many banks fail in a “normal” year.
What is that number? Your implication is that its zero.
From the FDIC: Failed Bank List.
2000: 2
2001: 3
2002: 11
2003: 3
2004: 4
2005: 0
2006: 0
2007: 3
2008: 25
So far 2009: 13
The New York Times has an article on the FDIC and the 36 failed banks of the past nine months. “[N]o one doubts that more are on the way.”
*and who should buy it directly from the government but the Herbst family, at a discount of more than 50 percent.*
Interesting that loan renegotiation wasn’t an option.
But damn, can I default on my mortgage and then buy it back?
And I can tell you as someone in the industry, my nervous breakdown is right on schedule.